A growing number of investors are embracing what’s being called a “memecoin supercycle” as popular cryptocurrencies such as %Popcat (CRYPTO: $POPCAT) and %Mog (MOG) surge.
%Memecoins jumped significantly higher over the weekend as investors pour money into riskier assets and encourage one another to do so on social media.
The term “memecoin supercycle” is trending on social media platform X / Twitter as retail investors predict that memecoins will lead the next leg of the crypto bull market.
Solana-based Popcat and Ethereum-based Mog each rose more than 10% in the last 24 hours, continuing gains seen since the summer months.
Memecoins are cryptocurrencies based on cartoon images and graphics that have no utility or purpose. Crypto trades 24 hours a day, seven days a week.
Smaller memecoins such as GIGA, which is a parody of the S&P 500 stock index, surged more than 20% in recent days.
Heightened interest in memecoins also comes amid low market volatility and negative investor sentiment towards cryptocurrencies that are backed by venture capital funds.
Popcat and Mog have each seen their price rise more than 1,000% in the last 12 months.